Posted by Bud Branstetter on May 16, 2001 at 24:37:45:
Advantage- it allows you to borrow up to 80% of the value of the home. It becomes a judicial foreclosure if you do not pay. Regular foreclosure is non judicial. The money is demanded, the note accelerated and the property sold without going to court.
Disadvantage- It is your home. The interest rate is slightly higher. It is only 80%.